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Feb/Mar 2011

Achieving Success...

Against All Odds

Common Tax Issues

Franchise Law 101

Experience Greatness

Time for a Financial Fast

Entrepreneur Anchor Magazine

Feb/Mar 2011 

Entrepreneur Anchor Magazine

Feb/Mar 2011


entrepreneurs contents

Featured Articles 07 Excelling Against All Odds... an

Interview with Dr. Claudia Thomas

... “My mother’s activist spirit was passed on to me. While I was a student at Vassar College, they decided to take students of color in significant numbers; that is, more than one or two a year.... (but) they failed to make other adjustments to the social life and to the curriculum… This resulted in clashes, which were becoming common in the 1960’s…We approached the proper administrators and they were unrelenting, feeling that our grievances were unreasonable. So, we felt we needed to do something drastic… “We could have all been expelled. Failure was not an option. We had literally risked everything for a cause.”


The Singing Dentist Dr. Nabil Hirezi’s deep, resonant voice vibrates above the whirring sound of the drill and his nervous patient begins to relax as the soothing rhythm of the song fills the room. Hirezi truly believes in the healing power of music and has made it an integral part of his dental practice as well as his life. .…. “Always be nice to people, advises Dr. Hirezi. “If you don’t have good relationships and good public relations, you will not succeed in business or in life.”

Entrepreneur Anchor Magazine

Feb/Mar 2011 


entrepreneurs Editorial Publisher/Editor-in-Chief Ethelbert Nwanegbo Freelance Journalists Susan D. Brandenburg Pattye Kiesz Creative Director Felicia Wright Contributing Writers Eva Bailey Sarrena Bennett Jodi Dixon Jacquelyn Wheeler Hale (Jacki) Suzy M. Jackson Coach Jay Candace Moody J Dianne Tribble Felicia Wright Jo-Ann Yau Associate/Copy Editor Char Cain Marketing Director Richard A. Holley Subscriptions (904) 265-0765 1884 Dean Road Jacksonville, FL 32216 (904) 265-0765 ©Entrepreneurs Anchor Magazine 2010 All rights reserved. Disclaimer: Entrepreneur’s Anchor Magazine is intended to provide general information about business topics, but does not provide legal business advice. The views and opinions presented on all articles and advertisements are solely those of the authors, and do not represent those of the company. Therefore, Brain Media Group , LLC will not accept any liability in respect to any incorrect, incomplete, or unacceptable statement on the magazine.

Entrepreneur Anchor Magazine

contents Articles

Finance, Accounting, and Taxes 10

Common Employment Tax Issues


Time for a Financial Fast


IRS Form 990 for Nonprofits and Tax Exempt Organizations

Marketing and Networking 28

Eight Steps to Creating an Effective Marketing Plan


Is Your Business Growing on Facebook?


Effective Referrals

Business Management & Compliance 13

Franchise Law 101 – Part I


Benefit Solutions to Health Insurance Dilemma


Business Building with Insurance


Maintaining an Even Keel


Growing a Business the Right Way

Mind, Body, and Soul 18

Benefit Solutions to Health Insurance Dilemma


Education Planning for Business Owners


Benefits of Regular Exercise


Experience Greatness

Going Global 15

Feb/Mar 2011

Riding the Waves of Shrinking Domestic Markets

Breaking Ground I was deeply wrapped up in the thought of how to express my profound gratitude to our readers who have made their voice heard by telling us what they like about “Entrepreneurs Anchor Magazine”, as well as areas of improvement. It’s such a delight to know that our readers are counting on us to lead the entrepreneurial sphere with innovative business ideas and strategies to heal the declining market. We boldly forge ahead with initiatives aimed at satisfying our reader’s needs. We went back to the drawing board with the questions our readers want answers to most. What does it take to run a successful business venture? What is the root cause of a business’ failure? Why do eighty percent of business start-ups and major corporations go belly-up? Is there an underlying metrics for solving these major business mishaps? Questions of this kind made it vital for us to take a different approach at enhancing the business ventures of our readers. We went into a series of round-table discussions on value added measures and programs that will engender innovative strategies and vision in our readers. We deemed it crucial to develop initiatives aimed at connecting businesses and educating entrepreneurs on the need to rethink and reappraise the vision, mission, and strategies of achieving the set goals. This year, we are glad to bring events aimed at connecting businesses and creating international business matches. Entrepreneurs Anchor Magazine will be hosting its first “Masters of Industry Award” September 29 and 30, 2011. More so, the year is packed with three “Entrepreneurs Empowerment Summits”; an event created to connect businesses and educate entrepreneurs. It was Bruce Cryer who said “everything about business comes down to PEOPLE. Where in business can we escape the impact of human care, human creativity, human commitment, human frustration, and human despair? There is no reason for anything in business to exist if it does not serve the needs of people.” We are committed to serving our readers’ needs and leading business innovation through programs and research aimed at demystifying the mysteries in running a successful business venture. Our creativity is not at its best yet, but continuous and evolving. We are full of energy, courage and hope to guide the business sphere with our strategies and internal strength. Once more, we want to remind our readers that the measure of business success is not whether your business has tough problems, but are measures taken to mitigate the problems; the innovative strengths and effective use of the business’ opportunities. Thanks for giving us the opportunity to serve your business information needs.

Ethelbert Nwanegbo Publisher/Editor-in-Chief

Entrepreneur Anchor Magazine

Feb/Mar 2011 

Contributing Writers Eva Bailey is a senior corporate accountant with CEVA Logistics. She is a licensed Certified Fraud Examiner (CFE) as well as certified in transportation and logistics (CTL). She is a former accountant for PowerHouse Anchor Management Consulting, Inc. For more information visit: Sarrena Bennett is an Account Executive for Colonial Life and is responsible for marketing Colonial Life’s products, programs and services in the Northeast, FL area. Colonial Life offers disability, life and supplemental accident and health insurance policies. For more information about Colonial Life’s products and services or opportunities with the company, visit Jodi Dixon has been in the media sales industry for over 20 years and is owner of Speak to Me Marketing and Consulting. She is to be married on March 26th 2011 to the love of her life Dale E. Gates and is the proud mother of three wonderful sons.  Visit her at Jacquelyn Wheeler Hale (Jacki) started Island Independent Insurance Jan. 2003. They are a Trusted Choice Agency and a member of FAIA and belong to the BBB. Jacki is Vice-Chair of Trust Choice and a member of Orange Park Sunset Rotary. Island Independent writes insurance for all lines and specializes in hard to write policies and environmental coverage. Visit them on their Web Site: Suzy M. Jackson is a financial and business development coach for individuals, small businesses and non-profit organizations. She has over twenty years of experience helping people make their financial goals a reality. For information, visit: Coach Jay is a professional speaker with more than twelve years of experience. He has a self-published and best selling eBook with more than 50,000 sold called, “I’m Tired of the Pain”. The book teaches, encourages and inspires people to deal with their personal issues and rid themselves of their inner pain. Coach Jay is recognized among many of his peers for his work on issues of personal and spiritual development. In 2000, Coach Jay developed Now I See & Associates Inc., a company to coach individuals in living a better life. In 2005, he became co-founder of the Bordes-Kohn Foundation which has been focused on changing the lives of thousands of teenagers across NE Florida. For more information visit: Pattye Kiesz is a native of Louisville, Kentucky and is proud to say she is a Kentucky Colonel. Pattye has lived in Florida for over twenty years and is active in her community and all theaters in the Leesburg, FL area. She has been in amateur theater for over fifty years and is currently producing, “Damn Yankees” with the Plantation Theatrical Group. Candace Moody is a writer and public relations professional based in Jacksonville, Florida. Her professional background includes experience in Human Resources, recruiting, and career consulting. She has served on the advisory board of the Jacksonville Women’s Business Center since its inception in 2004. Her column and features have appeared in the Florida Times-Union and the Atlanta Journal Constitution. Her blog ( is dedicated to helping workers find and keep a great job. J Dianne Tribble is a certified Christian Life Coach and motivational speaker with more than twenty years of leadership experience in various roles including mentor, focus group discussion leader, women’s development and empowerment group leader, employee development manager and counselor. She is the founder and leader of “At the Table” Women’s Forum in Corporate America. The focus of the forum is to provide a network of business professionals to enlighten, inspire and educate women; with opportunities to develop new friendships as well. Ms. Tribble resides in Florida with her husband of twenty-eight years and has three successful adult children. For more information visit: Felicia Wright is the President and Chief Branding Officer of Mygani Design Studio, a certified brand consulting firm that provides creative marketing services to businesses and individuals. Felicia has over thirteen years of experience as a graphic designer and has worked for companies such as Stein Mart, Interline Brands and the Florida Times-Union. She is very active in the community and volunteers with several nonprofit organizations in a personal and professional capacity. Last year, the company launched, Accessorize Your Asset™, a personal branding workshop for professional women. The goal of the workshop is to educate and empower professional women, by aligning their personal brand with their company’s brand. For information about Felicia Wright, please visit: Jo-Ann Yau is a Business Attorney focused on trademarks, patents and franchising. She also is a Litigation Attorney, representing clients in personal injury and criminal defense cases. In addition, she is Magistrate Judge presiding over the Civil Traffic Courts of Duval County and an Adjunct Professor at the Florida State College of Jacksonville. She is actively involved in the community and serves on the Board of the following associations: Jacksonville Asian American Alliance, Florida Coastal School of Law Alumni Association, Business Women of Color Committee of the Women’s Business Center. For more information about Jo-Anne Yau, please visit:

Entrepreneur Anchor Magazine

Feb/Mar 2011

Innovative Medical Pioneer Excels:

Against All Odds By Pattye Kiesz - Interview with Dr.Claudia Thomas

Entrepreneurs Anchor Magazine: It is our pleasure today to interview Dr. Claudia Thomas of the Tri County Orthopaedic Center here in Lake County. Before we begin, we’d like to ask you about your book, “God Spare Life,” your autobiography that took how many years to complete? Dr. Claudia Thomas: Seventeen years. EAM: Seventeen years, that’s dedication. Would you tell us a little bit about your life? How did you discover your dream and what was it that motivated you to get in the medical profession? Thomas: I am the product of a two parent household and was fortunate to have a mother and father who made me believe I could do anything. There was no gender limitation, no dream limitation. The one thing my parents wanted to do was to make sure my sister and I were prepared for whatever we chose to do, and so education was key. When I was in the fourth grade, I recall coming home one day with a 99 on a math test. I was so excited. I showed my mother my paper and she said, “Oh that’s nice baby, show your father when he gets home.” Now, daddy was a mathematician. Neither parent had a college education, but he was gifted in math and art. I couldn’t wait for daddy to come home so I could show him my test paper. He looked at that 99 and said, “What happened to the other point?” I felt deflated, but guess what? I learned to get 100’s in math. That, combined with skills my father taught me (carpentry, dropping a plumb line, making chalk lines, using a saw and screwdriver) jelled for me when I saw my first orthopaedic case. The skill needed to reshape a bone and fashion it into a structure that will support the body was a combination of carpentry and the solid geometry I had learned to love. I said, “This is it!” As far as the choice to attend medical school is concerned, that occurred to me after my math major in college fell through. The advanced math courses of real analysis and differential equations became very obscure. So, I looked to different areas in the science field, and decided to apply to medical school at the end of my junior year. EAM: All starts with a wonderful family. Thomas: Yes it does.

EAM: How long did it take you to know that you were going to succeed or excel in the medical profession? Thomas: Failure was not an option; this was something my parents stressed. School was our job and excellent grades were expected, because there is no excuse for less if you have a normal brain. That incentive started very early on. When I decided to make my career choice, I looked at the options that were practical for my God-given talents. I believe we all have talents given by God. Since I have mathematical talent and art talent, I thought surgery would be a good fit. My mother was a seamstress who taught me to sew, and early on I made my own clothes. So I held a needle and thread long before my male colleagues did; I had no fear of stitching up the body. You must also choose a career that you enjoy. If you don’t enjoy what you are doing, it’s not going to work out. There has to be a combination of talent and enjoyment, and then success will come. Entrepreneur Anchor Magazine

Feb/Mar 2011 

EAM: Was there any thought or fear of success and what do you think kept you from not giving in or yielding to your fears? Thomas: I think that I inherited my mother’s personality. She was an activist even though she was a homemaker. My mother was a community volunteer and was involved in local events, and had she not made homemaking a priority, she would probably have run for public office of some kind. If a teacher was wrong or unfair to her children, my mother called upon that teacher to discuss the issue face to face. She was an activist in her own right, and was an advocate for change in a positive way. My mother’s activist spirit was passed on to me. While I was a student at Vassar College, this elite female college in upstate New York decided to take students of color in significant numbers; that is, more than one or two a year. When Vassar made that decision, they failed to make other adjustments to the social life, to the curriculum, and to the staff which would actually give support to this group of students who were culturally different from the majority of the population. This resulted in clashes, which were becoming common in the 1960’s on college campuses. I was president of the Students’ Afro American Society in 1969 when we approached the administration to make some changes: to expand Black Studies into a degree granting program, to increase the number of Black professors to be hired to accommodate this expanded program, and to recruit more African American students. The college brushed us off. We approached the proper administrators and they were unrelenting, feeling that our grievances were unreasonable. So, we felt we needed to do something drastic. I remember using that term “drastic,” and that drastic action was to occupy the Main administration building at Vassar College on October 30, 1969. Thirty two female students secured Vassar’s Main building and locked it down. I was a junior at the time, and seniors also occupied the building. We could have all been expelled. Failure was not an option. We had literally risked everything for a cause. Unknown to us at the time, the local sheriff was ready to storm the college and take our lives if necessary. Hearing of his plot, members of the Vassar faculty blocked the sheriff and his posse at the College’s main gate. The trustees were called in to review our demands and found them reasonable. They granted our demands and gave us amnesty. With that move behind me, nothing was impossible. EAM: Some popular excuses heard from unsuccessful business owners include: “not enough capital”, “the economy was so bad”, etc. Did you face similar obstacles? Thomas: The practice at Tri-County Orthopaedic Center was designed with the advice of financial planners, bankers, investment personnel and other expert opinions. I had been in private practice before. When I married in 1985 and moved to

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Feb/Mar 2011

the island of St.Thomas, I went into solo practice. I had help from my husband’s business expertise, and it was a very successful practice. But I knew nothing about business, and so I can’t tell you what I made or what I lost. I can’t tell you that I kept good books but I did take good care of my patients. The practice that I am in now runs like a machine. It is a practice designed with research and planning, but it also has heart and vision. I attribute that primarily to Dr. Mandume Kerina, who is the senior partner of this practice. When I was an attending physician at Johns Hopkins, Mandume Kerina studied under me as a medical student. He started this business, and when he began recruiting partners, I was the second to sign on. His visions have taken Tri-County Orthopaedics to where we are today. We own three office buildings, and have invested in a surgery center. EAM: What are some of the challenges you had to overcome in order to stay on track with your goals? Thomas: The major challenge I had to overcome was physical illness. That is something few of us plan for, and it’s rare to have disability insurance because we don’t think we will become disabled. At the age of 30, I began showing protein in my urine. This was something my doctor investigated but he did not come up with a diagnosis. So, I went on with my life. The protein in my urine gradually increased and I started getting sick. I was living on St. Thomas in September of 1989 when Hurricane Hugo struck. This was one of the most stressful experiences of my life. From one second to the next, I didn’t know if we would survive. Hugo was a terrible storm, a category five, and it was particularly threatening for this tiny little island. We did survive, and thus the title of my autobiography, God Spare Life. This is a West Indian expression I learned when I lived on St. Thomas. People say, “See you tomorrow, God spare life,” which means, if God spares life. I learned the meaning of this phrase after Hurricane Hugo. The island looked like a nuclear bomb had dropped: property was destroyed and nothing was green, but God spared life. No one died. After that stressful experience, I began showing signs of renal failure, and at the age of 40 I was told that I needed a kidney transplant or dialysis. My kidney function had deteriorated significantly in the few months after Hugo. This created complications that I had not planned on. I was living on an island that could not provide the medical services I needed, so I had to close my practice and return to the mainland. The plan was to receive a kidney from my sister, who was very willing to donate. The night before surgery, the transplant surgeon addressed my mother, my sister and I and said, “There’s a spot on one of Claudia’s kidneys that I’m not very comfortable with. I’m 99% sure it’s just a cyst, but I’m not willing to take that 1% chance that it could be something

more serious.” Rather than take my sister’s kidney and put it in my belly, which is where the transplanted kidney goes, he wanted to biopsy my kidney. This meant he had to make a larger incision from stem to stern. Before he took a kidney from my sister, he would have to go to the back of my abdominal cavity, take a kidney out, and have it sliced up and put under a microscope while I was asleep. This was the plan. My mother gave the answer to the doctor. She said, “Do what you have to do, but don’t forget you are only God’s instrument.” Faith has run through my life and my journeys, a faith that my parents instilled in me. My mother spoke for my sister and I. After the surgery, I woke up with the surgeon telling me that I had cancer in both kidneys and that he had to take them out. He did not know if the cancer had spread, and did not do my transplant. He thought it best to wait a year and then test for signs of residual cancer. This meant I would have to go on dialysis. Even though I was groggy from the anesthesia, my response to that statement was, “Thank God. I had cancer, the surgeon found it, and he took it out.” I felt that God would not have moved him to open me up and take that 1% chance had it not been for a cure. At that time I said, “I know I’m cancer free and the cancer is gone,” but I went through hell for 15 months. I was a very sick person on dialysis. I was too sick to work. That was the time I began writing my book. I am not an idle person, and I felt that I had to do something productive. EAM: What a very tough thing to go through! Thomas: Yes, yes it was. EAM: After all that you went through, what advice would you give entrepreneurs who are at the brink of walking away from their life’s dreams? Thomas:I would have them investigate the dream and make sure it is their dream, again, a combination of their Godgiven talents, the opportunity presented to them and what they are good at. If you are in business and you have no financial sense, that’s a problem, but not a hopeless one. It’s a problem for which you can get assistance. I would say that unless the dream was unreasonable to start with, hold on to it and make sure it is your dream and not someone else’s. Then find out where the problem is and seek advice from people who know a little more than you on how to keep the dream going. EAM: Moving forward and knowing what you know now, what would you have done differently? Thomas: That’s a difficult question. In career choices, probably nothing, but I might have married earlier (laugh) had I found the right type of partner. Back in the day, being married was not a great advantage for a woman with a career, especially as hard as I was working. I would have probably had someone at home waiting for their dinner and expecting me to do their laundry, because that was the way things were. Now, men are a lot more liberated, and I use that term

intentionally. That’s nice term. But I waited until after I finished my training to actually look for a spouse and I got the leftovers (laugh). That’s all in my book. I did actually marry a very powerful man, a real estate developer, who had very little formal education. Yet, he was very smart and creative, but he was from a culture in which monogamy was not the norm. That tainted my marriage. As God would have it, we are actually very good friends today. EAM: Conversely, what would you have done in business and life the same way? Thomas: The steps I took were steps of faith. I would have followed my instincts and my visions, my God-given visions, my faith and my opportunities. This is one of the most important things that I think people are afraid to do; that is to recognize opportunity. My mother had an expression, “Opportunity has been known to knock on many doors, but it has never been known to pick the lock.” You have to recognize your opportunity when it comes knocking, via the people you meet, the people you partner with, and the people you already know. Now, my partner, Dr. Kerina, whom I’ve known since he was a child, has always been extraordinary. Actually, I have known him for nearly fifty years, a long time as you can see by my grey hair. I also know his mom, his dad and his siblings, and we are like family. So when he started his practice, said it was going well and that he had lots of patients, I had to believe that. When he said he wanted me as a partner, I knew that was an opportunity. This was the opportunity that God put before me. I had accomplished what I wanted as a faculty member at John Hopkins; I had changed the face of orthopaedic surgery, so to speak. I had increased the number of African Americans and females in the residency program so significantly that I received the Diversity Award from the American Academy of Orthopaedic Surgeons in 2009. My job at Hopkins was done, if you will. I decided to spend the rest of my productive years in a new environment. The opportunity to come to Florida and be a part of a multi-specialty orthopaedic private practice was one I recognized as golden. EAM: It would be a very hard thing for a person like you to retire. Thomas: It is not in my vocabulary. I have often said, “When I start making mistakes and I can’t keep a sentence straight, it may be time.” Short of that, I love what I do so much and, not to be conceited, I’m so good at it, that I can’t imagine not doing it. EAM: Dr. Thomas, on behalf of Entrepreneur’s Anchor Magazine, it was an absolute pleasure meeting you and we would like to thank you for answering our questions.

Entrepreneur Anchor Magazine

Feb/Mar 2011 

tax issues common employment

By Ethelbert Nwanegbo, MBA

Most business owners do not take employment tax issues seriously until the taxpayer is faced with the consequences of non-compliance. Employment taxes are the amounts an employer is expected to withhold from employee’s income (FICA), social security, and Medicare taxes, plus the employer’s contribution to the employee’s social security and Medicare taxes. The IRS requires employers to file and pay employment taxes monthly rather than quarterly. The Employer may also open a special bank account for the withheld amounts, under penalty of prosecution. To avoid the stress and inconvenience of mailing the payments to the IRS, employers may enroll in and make current tax deposits through the Electronic Federal Tax Payments System (EFTPS). Employment tax issues will not only generate huge IRS penalties and debt, but may in some cases be considered a federal crime. The IRS employs enforced collection when it comes to unpaid payroll taxes and unfiled payroll returns. The use of enforced collection includes the following: u The Issuance of a Notice Of Levy by the IRS on salary and other income, bank accounts or property; thus legally seizing the properties of the business to satisfy the tax debt. u Assessing a Trust Fund Recovery Penalty for certain unpaid employment taxes.


Entrepreneur Anchor Magazine

Feb/Mar 2011

u Issuance of Summons to the taxpayer or third party to secure information to prepare unfiled tax returns or to determine the taxpayer’s ability to pay.

Withheld Taxes

Withheld taxes are filed in accordance with the W-4 Employee’s Withholding Allowance Certificate, which is filled out by each employee at the time of employment. The W-4, in conjunction with IRS Publication 15, is used to determine how much federal income tax you are required to withhold from employees income. The withheld amounts will vary for each employee based on the following factors: u The number of withholding allowances claimed by the employee u The marital status of the employee u Any exemptions from withholding taxes claimed by the employee u Additional deductions requested by the employee Employees may change the amount withheld from their income by submitting a new W-4 Withholding Certificate and changing the number of withholding allowances (dependents) and their tax status.

Employment Taxes for Small Businesses

Small business owners generally must withhold Federal Income tax from their employees. The business owner is also required to withhold part of Social Security and Medicare taxes from their employees’ wages and pay a matching amount (employer’s contribution). Self Employment Taxes: The self employment tax (SE tax) is a Social Security and Medicare tax for business owners who are in business for themselves. Payroll taxes are due either monthly or semi-monthly depending on the size of your payroll. The IRS will dictate

collection, filing, accounting and paying of the trust funds. The following individual within or outside the organization may be the responsible party: u A business owner u An officer or an employee of a partnership u A corporation director or shareholder u A member of a board of trustees or a nonprofit organization u An officer or employee of a corporation.

Failure to Pay Payroll Taxes on Time

When a business fails to pay the payroll taxes on time, penalties and interest start to accrue. This causes additional cash flow problems for the business. Failure to file a return on time can incur penalties of 5% per month to a maximum of 25%.

Recent Changes in Employment Tax Filing and Reporting

The IRS has issued proposed regulations that provide that “beginning January 1, 2011, taxpayers must deposit all depository taxes (such as employment tax, excise tax, and corporate income tax) electronically using the Electronic Federal Tax Payment System (EFTPS).” Under these proposed regulations, which are expected to be finalized by December 31, 2010, Forms 8109 and 8109-B, Federal Tax Deposit Coupon, cannot be used after December 31, 2010. Certain Taxpayers May Now File Their Employment Taxes Annually the schedule. Business owners with employment taxes lower than $2,500 may file quarterly. You may consider using a professional service or payroll software program to handle your payroll needs.

Responsibility of Filing and Reporting

According to the IRS, the responsibility is on the individual or third party who has the duty and power to direct the

To reduce burden for certain small business taxpayers, “employers who have an Employment Tax liability of $1,000 or less for the year will now file Form 944, Employer’s Annual Federal Tax Return, instead of Form 941, Employer’s Quarterly Federal Tax Return. Eligible taxpayers will be notified by mail.” ( article/0,,id=172179,00.html)

Entrepreneur Anchor Magazine

Feb/Mar 2011 11

NORTH FLORIDA OB/GYN ASSOC.ST.V.5 Felix N. Acholonu, M.D. • Elyse D. Beaubrun, ARNP

The office of Dr. Felix Acholonu provides a range of OB/GYN health services to the people of Jacksonville. He is committed to providing the highest level of patients care. The services he provides include but are not limited to:

y y y y y y

Urogynecology and the Treatment of Urinary Incontinence Advanced Laparoscopic Procedures (including laparoscopic hysterectomy) Gynecological Surgery y Hysterectomy Endometrial Ablation y Consultations PMS Management y Evaluation and Treatment of Infertility Essure Procedure

He specializes in the care of Obstetrical patients, performs annual well-women’s exams, diagnosis and treatment of Cervical Dysplasia, Uterine Fibroid, Menopausal Care Breast Health, Endometriosis, Contraceptive Management and Adolescent Health. Dr. Acholonu enjoys speaking to youth groups regarding prevention and treatment of sexually transmitted diseases, teen pregnancy, bringing to them other evidence based issues that affect today’s adolescents. The office accepts most major health insurances and is accepting new patients. Current insurance card and co-payment (if applicable) are required at the time services are rendered. Membership: Dr. Acholonu is a member of North Florida OB/GYN Associates, P.A, and is a Divisional Director, for  St.Vincent’s Division Five

2 Shircliff Way, Suite 920 (9th floor of the DePaul building) Jacksonville FL, 32204 12

Entrepreneur Anchor Magazine

Feb/Mar 2011

(904) 387-1401

part one

FRANCHISE LAW 101 How to be in business for yourself, not by yourself By Jo-Anne Yau

McDonald’s. SuperCuts. UPS. These are some of the country’s most recognizable franchises. While franchises can be expensive investments, they don’t have to be. There is a business opportunity for almost every entrepreneur’s start-up budget. The key is to find these opportunities, and to scrutinize the potential of the investment. With proper protocols and legal compliance, even those with relatively little corporate experience can own a successful operation.

of success, and the ability to replicate the business model. These components significantly reduce the entrepreneur’s risk of loss, even among those with little experience with starting or running a business. A reputable brand with a history of success offers predictability upon which many entrepreneurs can rely. Furthermore, the prospect of being a business owner makes buying a franchise an attractive option to entrepreneurs.

But successful business owners are not limited to buying a franchise. They can create a business opportunity, and sell franchise units to entrepreneurs. In doing so, however, there are legal landmines to navigate. For those who want to turn their operation into a franchise, they should have a team of legal and business experts who have the savvy to help this transition go smoothly.

The system starts with the continuing relationship between a franchisor (the owner of the franchise concept) and a franchisee (the entrepreneur purchasing the rights to operate a business using the concept). In this relationship, the franchisor teaches the franchisee how to run the business effectively, including bookkeeping, managing inventory, handling human resource issues, and interacting with the customers. The franchisor also offers the rights to use an established brand, such as the franchise name, logo, slogan, uniforms, and atmosphere of the retail or service locations.

Franchising Basics: Every start-up company faces a risk of failure. It is no secret that this risk is high. Many new businesses do not make it through their first fiscal year. There are a number of reasons for failure; among the most common: The inability to create or market a brand, inefficient business operations and the absence of support and resources. On the flip side, there are three universal components to every solid American franchise: trademarks, a record

This benefit parleys into a marketing advantage, since the franchisor generally assumes the responsibility of developing advertising and promotion campaigns. Furthermore, the franchisor remains an available resource for support when issues arise in day-to-day operations. Having “been there and done that,” a strong franchisor will have a record of success and sufficient experience to teach a franchisee how to run a prosperous business, how to meet customers’

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Feb/Mar 2011 13

expectations of quality in a brand they recognize, and how to put out fires as they arise. In exchange for this business opportunity, the franchisee brings finances and elbow grease to the table. A franchisee can expect to pay an initial franchise fee and pay royalties on revenues generated. Furthermore, as a business owner, the franchisee will have to purchase equipment, fixtures, inventory and negotiate the lease or purchase of commercial space. The franchisee will also be charged with the obligation to manage employees and ensure that they follow the exact policies and procedures of the particular business. Buying a Franchise: Virtually any service or retail concept can be franchised. From professional services to luxury pet resorts to 24-hour gyms, there is a fit for every potential franchisee. Not all business opportunities are created equally. Beyond the novelty of the concept, entrepreneurs must evaluate their budget and conduct their due diligence to minimize their risk of loss. With so many different kinds of franchises being offered for sale though, how can anyone perform an apples-to-apples analysis of each opportunity? Fortunately, the Federal Trade Commission (FTC) identifies twenty-three items of information that franchises must disclose to prospective buyers. These items are presented to prospective franchisees in the Franchise Disclosure Document (FDD). The FTC strictly outlines the format for presenting this information so that every franchise discloses the same items in the same manner. The FDD is an extremely useful tool for evaluating the strengths and weaknesses of each opportunity, and allows for item-by-item comparison between them. Most entrepreneurs’ initial inquiry is into the financial commitment of the operation, which is addressed in Items 5 - 7 of the FDD. There are opportunities available for as little as $10,000 as an initial franchise fee and others can demand $1 million or more. The FDD will also provide an estimated range for the initial investment, and itemize the cost for expenses such as equipment, signage, and open-


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Feb/Mar 2011

ing costs. Among other details, the FDD will also disclose any history of litigation, financial performance and financial statements. In addition to the FDD, a prospective franchisee should review the terms of the Franchise Agreement. Look for unusual conditions, and evaluate whether those conditions are reasonable. For instance, Chick-Fil-A insists that every one of their locations be closed on Sundays. Five Guys does not advertise. Evaluating the Franchise Agreement in light of the FDD is critical, particularly when determining whether unusual conditions are justified. While the FDD should be written in plain language--that is, it should not be bogged down with complex legal terms--it is best to have a team of experts review the FDD to identify red flags and analyze the information. The team should be comprised of at least three experts: a business development expert, a franchise attorney, and an accountant. The business development expert should scrutinize the long-term potential of the concept itself, offer advice into the viability of the franchise due to competitors in the assigned territory, and help you consider your business strategy within your available demographic and target market. Because franchise law is a very specific area of law with its own nuances, it is important to sift through attorneys to find one who specializes in the area. This attorney will explain the obligations the franchisor and franchisee have to each other, help negotiate terms in the Franchise Agreement, and know if and why the franchise was a party in lawsuits. Finally, an accountant can sift through the financial performance representations and financial statements. A solid grasp on the franchise’s history sets the foundation for making more reliable projections into future performance. Despite the expense of these consultants, the specialized advice offered by this team of experts can prevent a foreseeable loss in time, money, and energy.

tips on building an effective marketing campaign

• Join forces with a charity; find one that is in line with your personal and corporate philosophy as well as aggressive and visible with its promotional activities. • Stay in touch with your customers and get them used to buying from you through package inserts, regular mailings and special offers. • Show your enthusiasm when introducing or presenting your product or service. • Use original and creative promotional tools. • Become a guest speaker on radio or a TV show. • Develop a press kit or news release. • Never delegate 100% of your marketing to an outsider. • Use marketing means that can be tracked – known as direct response marketing. • Don’t settle into interacting with only the people who are the easiest to access. Reach outside your comfort zone and there you will find a wealth of new connections that will bring you great success. • If you meet a lot of people and they don’t remember you once they leave the room, you have a serious problem. • Consider how you sound on the phone and how you greet people at meetings or events. Think about your thirty second introductory speech. • The trait of natural promoters is repetition. Successful self-promoters say it as many times as they need to until they get the response they want. • Put together a press release for your company. The press release should be relevant to your target market and address consumer interest, not just announce your business. • Compact your press release to include one hook and one angle. Choose the press release that creates the most attention to make sure the media will be interested in releasing it. • Send your press release to all television and radio stations, local and national newspapers, industry magazines, and any other media that reaches your target market. • Research potential customers, buyers, competitors, and their preferred methods of distribution. • Meet with your customers in person whenever possible. This shows you respect them and that you take your time to learn their needs and expectations. • Develop follow up procedures and customer service standards to keep lines of communication open and to build strong relationships with your customers. • Always offer your current customers the best deals and guarantees you have. • Use good business practices and simply uphold your integrity, dignity and honesty.

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Product / Service Introduction & Development Model

Product / Service Introduction & Development Model Birth of Business Idea

Define Vision & Mission Statement Birth of Business Idea

Capture Market Insight

Define Vision & Mission Statement

Identification of Problems / Needs

Build Strong Brand


Identification of Problems / Needs

Build Strong Brand


Capture Market Insight Business Development and Growth Text

Business Development and Growth Text

Connect with Customers

Product and Market Strategies Connect with Customers

Delivering Value / Communicating Value Product and Market Strategies

Growth and Profitability Measure

Delivering Value / Communicating Value

Align People and Process

Growth and Profitability Measure Align People and Process

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Benefit Solutions to

Health Insurance Dilemma

By Sarrena Bennett


apidly rising health care costs and the plight of the uninsured have reached the status of nearly daily mention in most news media. As health care costs continue to increase, many businesses are moving toward high-deductible major medical plans in an effort to better manage benefits program costs. Yet this approach can put employees at greater financial risk, forcing them to pay the expanding difference between what their health insurance covers and what their medical care costs. In addition, premiums for employersponsored health insurance have been rising four times faster on average than workers’ earnings since 2000.1 While that’s bad enough news for workers with health insurance, it’s a potential disaster for those who don’t have health coverage to help buffer these costs. A recent Census Bureau report estimated 47 million Americans have no health coverage.2 More worrisome is the fact that most uninsureds belong to a family with at least one working member. 3 The good news is employers have access to two solutions to meet this health coverage dilemma:


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A voluntary supplemental health insurance plan can help fill gaps in coverage under a high-deductible major medical plan, such as increased deductibles and out-ofpocket maximums. A group limited benefit hospital confinement indemnity insurance plan for employees who don’t have access to major medical insurance through their workplace or their spouse’s workplace.

Voluntary Supplemental Health Insurance

With voluntary supplemental health insurance, businesses can offer their employees a solution to help fill coverage gaps and protect employees against increasing out-ofpocket expenses. These products typically pay lump-sum benefits for medical expenses resulting from inpatient hospitalization and rehabilitation unit or outpatient services, diagnostic testing, doctor’s office visits and wellness checkups. For example, an employee who has to go into the hospital may have to pay a $1,500 deductible before health insurance

kicks in. With voluntary supplemental health insurance, the employee would receive a lump-sum benefit payment for the inpatient confinement and could use it to help pay for the deductible.

Group Limited Benefit Hospital Confinement Indemnity Insurance

This type of insurance is a group product that provides benefits to help insureds pay many routine, noncatastrophic health care expenses. It’s not major medical coverage, and it isn’t a replacement for major medical coverage. Offered through the workplace at group rates, this plan can meet the need for affordable, limited and clearly defined health benefits for full-time and part-time workers who don’t have access to major medical insurance and need some coverage for basic, routine medical expenses. Coverage is available for: • Doctor’s office visits • Outpatient diagnostic and lab tests • Inpatient hospital stays • Surgery • Prescription drugs

References: 1 The Henry J. Kaiser Family Foundation, 2006 Employee Health Benefit Survey, September 26, 2006. 2 U.S. Census Bureau report, Aug. 28, 2007. 3 California Health Care Foundation, 2005. 4 “Growth Potential of Small Business Markets,” LIMRA, 2006. 5 “Statistics of U.S. Business,” U.S. Census Bureau, 2004.

With either plan, benefits communication plays a critical role in successful implementation. Consistent, clear communication through group and one-on-one meetings with employees helps ensure they understand what their plan covers and what it doesn’t. This leads to much greater satisfaction with the benefits plan. A quality voluntary benefits provider can deliver this service at no direct charge to the employer. Rising health care costs and the resulting plight of the working uninsured are not likely to go away anytime soon. But innovative products like voluntary supplemental health insurance and group limited benefit hospital confinement indemnity insurance provide workable solutions for the health care cost issue.

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Feb/Mar 2011 19

Time for a Financial Fast: Get “Fiscally Fit” for 2011 D

By Suzy M. Jackson

oes your money feel, you know, uncomfortable? Are your bills bloated? Is your savings or emergency fund anemic? Well if this describes you, try this strategy--put yourself and your family on a Financial Fast. According to the Merriam-Webster Dictionary on-line, fast is an intransitive verb meaning 1: to abstain from food or 2: to eat sparingly or abstain from some foods. For the purpose of our fast we mean: to abstain from using money in any form (cash, check or credit) for a defined period of time. The only exceptions are fixed and basic living expenses. People have various reasons for embarking on a financial fast. For some people it will be a chance to detoxify from holiday spending. For some it is an opportunity to find out what’s really necessary to fiscally run their life. Over time more and more of our “like to haves” tend to move themselves into the “need to have” column of our personal income and expense ledgers. Do you really need more than one premium movie channel? A financial fast is also a good time to get in touch with how you feel about money. Do you love it? Do you hate it? Do you feel it doesn’t love you? Do you feel that money is the source of all your problems? Are you still angry about the curve balls the economy has thrown at you these past few years? Getting in touch with your emotional ties to money can solve more problems than you might imagine. Are you feeling guilty? Are you beating yourself up about the four houses you bought in 2006 that you can’t get rid of today? Use your financial fast to let go of the stress. You still have to deal with the houses, but you can forgive yourself for the financial decisions you’ve made in the past. Most of us had no idea what was coming in our economy, and those of us who were watching the gathering clouds had no idea how big and long the storm would be. Instead of the “why did I”, focus on the “what can I do starting today” to shore up my future. For the really radical, use the financial fast to mentally and spiritually refocus, cancel your cable for a month, unplug all the TV’s in your home, send a mass e-mail to all your friends letting them know you have a large project for the next month and cannot answer any e-mails, and if it’s something really important, they will need to call you. I am convinced 20

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that half the e-mails we receive in a day would be eliminated if the sender had to call first. Go one step further and put your personal mail on auto-reply that you will be unavailable until the following month. Choose a favorite text that builds you up and read it every day during your fast. Last year I retrieved The 7 Habits of Highly Effective People by Stephen R. Covey from my bookshelf. It was very dusty and so were my Habits. You’ve probably got a book or guide that you read in two nights when it was a best seller. Pick it up again, but this time, make the time to read, digest, and meditate. Use this fast to build some new fiscal & intellectual habits. There’s one more thing you can accomplish during your financial fast. Use the fast to take a break from all the extra things you buy with your most precious resource, your time. That’s right, play hooky! Let everyone know you will be absent from next month’s civic/fraternal/parent/condo association meeting. If you signed up to chair a committee, meet with the committee before your fast, appoint a representative, have them make the committee report at the next meeting and take notes for you. Schedule your follow-up meeting for the week after your month long fast to get any updates. Use your fast to get your life back in order and on-track. As with any diet, the hardest thing to do is get started. Don’t jump in cold turkey you won’t make it to the next weekend. To have an effective financial fast you have to prepare and get the family involved. Pre-Fast Preparations. A week or two before the start of your fast complete the following: • Chose your start & end date and length of fast • Gather your financial fasting supplies • Choose a BFF (Best Financial Friend) • Set some goals • Create strategies to help you get through the fast • Schedule and hold a financial fast meeting with the family • Choose a reward

Choose your start date. You can start a financial fast at anytime. Michelle Singletary, a personal financial writer with the Washington Post recommended a twenty-one day financial fast where you buy only necessities. I recommend you do a full month. Most of our expenses are billed monthly. Taking an entire month will help you understand your own spending cycles and habits. I also recommend starting at the beginning of a month, but if that’s more than two weeks away, just begin immediately. If you wait too long, you might not get started at all.

Gather your financial fasting supplies. Here’s your list: • A calendar with a month view (record all of your fixed financial obligations and income) & space for daily notes (record your expenditures and success stories) • A shoe box, accordion file, or grocery bag for home (save every receipt and bill for review at the end of the month) • An envelope for the car (save every receipt and bill for review at the end of the month)

Choose a BFF (Best Financial Friend). Find someone you trust to help keep you accountable and on track. This can be your spouse or partner, your children (they love telling parents what to do for a change), or a good friend who’s also doing a financial fast. Having an accountability partner will keep you honest and will talk you out of buying the Movado watch that’s on sale. Set some goals. Remember Habit 2 of Highly Effective People – Begin with the End in Mind! What do you want to get out of your financial fast? I want to account for how I spend money, I want to start a car repair emergency fund, I need to retool by taking a class, etc. For the next 30 days I will not buy ______. Talk it through with your BFF and family. Set a goal to have a monthly finance meeting with your family to stay on track after the fast is completed.

• Impulse Spending – shop with a list and set a limit on how much time you spend in the store • Meals – make a weekly menu for home and do prep work the night before when you pack your lunch • Emergency Expenses – give your car an inspec- tion, check the tires and fluids, add an amount for emergencies for the monthly budget • Business Expenses – can it wait while you look for the best deal or price • Expenses from others in your household and beyond – at the family meeting have everyone talk about what they are involved in for the upcoming month and set a budget limit • Request for charitable giving – set a monthly giving amount, once the funds are exhausted any new request has to wait for the next month

Schedule and hold a financial fast meeting with the family. The financial fast is a great way to bring the family together around a common goal. Set goals together. Choose the reward together. Brainstorm ways to keep everyone on the straight and narrow. Make it a game, a family survival challenge. You may want to have a mid-point meeting to see how everyone is doing. Helping your kids learn good financial management skills and understanding delayed gratification now will help them avoid financial missteps in their future. Choose a reward. For completing your fast give yourself a reward. Make it something fun, but not expensive – make it meaningful to you. Use the money you didn’t spend to start an emergency fund, add to your 401k, or send an extra payment to your credit card company. Take the family bowling. A Financial Fast is an act of faith and personal growth. It is an opportunity to get clarity and direction in the area of our personal finances. A financial fast can set you on course for great future success with the dollars and sense side of your life.

Create strategies to help you get through the fast. Things happen, that’s life. But most of the things that seem to blindside us can usually be avoided with a little planning. Here are some common obstacles to maintaining a financial fast and a strategy for handling the temptation/issue when it comes:

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Feb/Mar 2011 21

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Insurance Business Building with

By Jacki Hale

jobsites. Improving quality control, material handling procedures, conducting site surveys, and updating work policies can help prevent accidents, exposure and improve work site health and safety; but these steps alone may not be enough to protect your clients. You should be concerned about the financial impact of lawsuits against your clients; it would be a wise business decision to investigate environmental insurance and weigh the cost against the potential damage from litigation. Your insurance agent will go over your business plan to prevent gaps in coverage that could lead you into bankruptcy before you get started.


ne of the concerns business owners have is maintaining the correct insurance coverage for their business. As a business grows and regulating departments increase compliance guidelines it is easy to find yourself with gaps or inadequate insurance coverage. The crash of the Real Estate Market has left builders, artisan contractors, HOA’s, apartment owners and commercial property owners trying to restructure their business to conform to the new needs of consumers and clients. One of the first items on a “TO DO” list should be to contact an insurance agent. No matter how careful you are, one can never eliminate exposure to hazardous materials or waste on construction

The EPA has a new Lead Regulation, effective 4/22/2010, that began enforcing a regulation aimed at preventing lead poisoning. All contractors performing renovation, repair or painting projects that disturb lead-based paint in pre-1978 homes, child care facilities or schools must be certified and follow lead-safe work practices. Firms must be certified and renovators must be licensed and trained. The fine for non-compliancy by the EPA is $32,500 per violation PER DAY. John and Linda Long, owners of JA Long Design Builders Inc. of Orange Park, have built custom homes for 35 years in North East Florida. The Longs say, “there are many pieces to the puzzle and it can be a full time job keeping up with all compliance, OSHA and safety issues that are always changing.” If you are new or in the process of changing your current business plan, you should call your insurance agent first and make sure you are in compliance before you get fined.

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Feb/Mar 2011 23


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Business Consulting Services PowerHouse will assist you in achieving your performance goals and rewarding competitive edge. We will provide the missing links that will help power your business operation in the following areas:

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t Capital Structure and Planning t Buy/Sell Agreements t Economic Damages t Business Mergers, Acquisitions t Tax Regulatory Authorities Claims

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Riding the Waves of Shrinking Domestic Markets by

Expanding Internationally By Eva Bailey, CTL, CFE


perating in the domestic market is not an option for a small and medium business that desires to be profitable. Hence, operating only in the domestic market while the economy goes through the stage of downturn is not reasonable for a business that strives to survive. In the face of dramatic economic changes, emerging global market and shifting economic trends, organizations are under pressure to rethink their strategies and change their approach to the way business has been conducted. A possibility of international expansion may be unthinkable for some small and medium businesses as significant challenges are present. However, overcoming these challenges and taking certain risks is an open door to high rewards. In this difficult economic situation, small and medium businesses expand operations to foreign markets to increase market size, drive new sources of revenue, increase market opportunities, and take advantage of cheap resources. These businesses understand that facing unknown markets is a necessity in order to regain or increase profitability. Expanding internationally is a challenging strategic move. It is a milestone that requires an organization to go through a learning process. During this learning process, the organization


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Feb/Mar 2011

must recognize the advantages and disadvantages that new foreign markets carry. The organization must explore the potentials of playing in a new market, prospective partners, and competitors. Finally, the organization must recognize that expanding internationally changes the way a business operates. To maintain profitability, the company may decide to outsource business activities that are not core competencies. In many instances, the organization will transform from the manufacturing company to the supply chain management company. When an organization decides to expand and grow in a foreign country, it should identify to what degree external factors will influence their operations in the foreign market. These factors may include: political environment, current economic situation, infrastructure, culture, and business law. The organizations have no ability to influence the external factors. However, they may have a competitive advantage by responding to the changing external environment in a timely manner. In the last decade, the Asian – Pacific nations emerged as important players in the global business environment.

A large number of manufacturing and logistics companies have expanded their operations to Asia. China, a communist country, has diminished its barriers of entry to the market and introduced free trade. The Western business world would consider this country highly risky because of its political system; yet, many organizations recognize the risks but also view it as an opportunity for growing their businesses by moving operations into this country. More than forty percent of the world’s population is located in the Asia – Pacific region and more than half of global economic output is generated in this region as well. In addition, the Chinese government eased the barriers of entry to this country by lowering business taxes and investment requirements. The Chinese government passed several bills that budgeted enormous funds for infrastructure development in next several years. Chinese infrastructure may not be well developed; however, it has been growing at a pace much more rapid than in any other developed country. Hence, China’s trade with Southeast Asian countries grew nearly 50 percent in the first few months after signing a new trade agreement. China’s policy to push more manufacturing from the coastal cities inland also offers great opportunity for logistics companies. In addition, manufacturing companies decided to move their operations inland as it became more expensive to maintain operations in metropolitan cities such as Shanghai.

can continent. While some African countries are inherent in political and economic instability, recent studies show that some African countries push for better governance, lower inflation, and a stronger focus on private business. Recent trends show that Asian nations, especially China, invest in Africa to gain steady access to natural resources such as: oil, minerals, metals, woods and petroleum products. According to the UNCTAD study, the profitability of foreign companies in Africa has been consistently higher than in other regions of the world. The African market may present investment risk like any other emerging market. Expanding and growing business in Africa requires the same approach as expanding one’s business to any other international market – understanding the foreign environment and creating a business model that will be flexible and easily adjustable to the changes in the market.

References: Coyle, John. Supply Chain Management, A Logistics Perspective. 8e. Mason, OH: South - Western Cengage Learning, 2009. Print. Biederman, David. “Asia’s Logistics Tigers.” Journal of Commerce Magazine (2010). Web. 19 Nov 2010. <http://www.joc. com/logistics-economy/ asia%E2%80%99s-logistics-tigers>. Nwanegbo, Ethelbert. “African Emerging Market Frontiers.” Entrepreneurs Anchor. 2010: 28-30. Print.

In the era of globalization and emerging new markets, there are also immense opportunities laid out in the Afri-

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Eight Steps to Creating an Effective

Marketing Plan By Ethelbert Nwanegbo, MBA

“word of mouth (WOM)” as the only way of closing the gap between the companies product offering and the target market. WOM is an important piece of direct marketing but not enough for any company hoping to ride through an anemic economy. An effective marketing plan will serve as the road map and metrics for ensuring that the marketing goals are effectively and efficiently implemented and the result thereof are measurable. The following steps will help small and medium size companies in the development of an effective marketing plan:


n effective marketing plan helps an organization define its products and service offering in terms of what it does for its customers – utility. As blood is essential for human survival, so is an effective marketing plan to a business’ success. Most small and medium size companies never developed a marketing plan in the history of the company; many business owners do not even think of marketing or advertising as an important piece of the whole business success puzzle. It is also very important for business owners to understand the difference between marketing, advertising, and public relations; and to make sure that the budgeting and planning is timely and effectively executed. The importance of creating an effective marketing plan has never been more important in ensuring the success of a company with the antic in the economy. A lot of small and medium size companies are cutting marketing dollars and depending on


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Feb/Mar 2011

1. Set Your Marketing Goals - So many marketing experts neglect this important step in the marketing planning process. The marketing planning process begins with the understanding of the organization’s vision and mission statement, and the setting of marketing goals to achieve the vision and mission of the organization. Every marketing goal is subject to change as you evaluate your progress and marketing needs. Marketing goals must be realistic, measurable, and straight to the point. Here are some examples of measurable goals: • Increase the number of new clients by 15 percent with in the first six months and 25 percent by the end of the year. • Change the customer mix by targeting a different market segment. • Increase your gross revenue by 30 percent within 12 months. • Increase the awareness of your company’s existence and enhance your brand. • Increase your market share by 5% within the next 12 months.

Marketing goals through development by management, must be understood and communicated to all the members of the organization. The marketing goals must be supported by all of the staff. 2. Identify Your Target Audience - With the help of your vision and mission statement, your marketing plan must define your “target audience.” Your target audience may be defined by industry, type of organization, or geographical location. It may also be defined by age, gender, revenue size, employee size, product offering, or ethnicity. 3. Conduct Market Research And Accurately Analyze The Results - The purpose of market research is to draw a realistic picture of your organization, your business environment and your current position or market share within your industry. A good market research will expose key weaknesses and identify your strengths. With the results from your marketing research, management can accurately project the future growth and life cycle of your organization. Your research may even bring to light some problem areas in your organization, as well as measures to address unforeseen problems. The data collected or gathered during the research must be analyzed and summarized into meaningful findings. The findings must be defined as it relates to the marketing objectives and goals. More so, your market research must clearly define the following: • Product- Measures to positioning your product correctly in the market. • Price- Pricing your product in a way that makes your customers feel that they are getting a good deal for the price. • Promotion- Promoting your product through various channels to let your customers know about it and the benefits of your products or service. • Place- Distributing your products in a way that it becomes easily accessible to your target customers. 4. Determine A Budget- Marketing budgets vary by the type of market, size of the market, and nature of the industry. There is a need to define your market budget as a percentage of your annual gross income. New organizations in a highly competitive market and organizations introducing a new product or service may need to employ an aggressive marketing budget.

5. Conduct A Marketing Audit- A marketing audit is a review of all marketing activities that have occurred in your company over the past three years. Care must be taken to ensure that the audit process is thorough. All marketing efforts must be reviewed. All marketing materials, announcements, advertisement, open house, brochures and seminars must be evaluated as to whether they were successful or not. 6. Develop Marketing Strategies - Upon completion of the marketing audit, successful marketing activities must be identified and ranked based on the level of success achieved. Define and re-evaluate your marketing goals and objectives, and develop specific marketing strategies that will address your goals, reach your target audience and build your customer base. Always focus your strategies on the elements of your value creation. Each strategy should be related to a specific goal and should be made up of numerous actions.

7. Develop An Implementation Schedule And Create An Evaluation Process - An implementation schedule is a time-line that shows which marketing actions will be done when and by whom. The schedule should also include the cost of each marketing action and how it fits into the budget estimates for the budget period. The implementation schedule should be used to ensure timely implementation and measurement of results. It’s highly crucial to measure and track the implementation of each action plan, and an effective evaluation process should be put in place to ensure that the marketing goals and objectives are met. Review your plan periodically by comparing your progress with the implementation schedule. The following may be used to measure the implementation progress: survey scores, referral sources, increased income, repeat buy/ purchase or customer retention. 8. Tracking Results And Evaluate Your Position In The Market - Any plan, no matter how effective in its design, requires effective execution. To ensure this, you need to track your results, and ensure that the results tally with the marketing objectives and goals; then compare it with certain benchmarks to determine if you are on track. Management should develop milestones to look back on success and chalk out strategies for the future. When it comes to marketing, remember your business needs a plan.

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Feb/Mar 2011 29

entist the singing


By Susan D. Brandenburg

r. Nabil Hirezi’s deep, resonant voice vibrates above the whirring sound of the drill and his nervous patient begins to relax as the soothing rhythm of the song fills the room. Hirezi truly believes in the healing power of music and has made it an integral part of his dental practice as well as his life. Born in the holy city of Bethlehem, Hirezi and his five siblings grew up surrounded by the rich music of the Roman Catholic Church as well as the strains of the violin played by his Arabic father and Arias of the Opera sung by his Italian mother. Hirezi’s parents were as diverse as their bloodlines, his father a soccer player and accountant; his mother both a diva and an administrator at the British Embassy. Singing came as naturally as breathing to the young boy, who fled with his large family to Kuwait at age five when ethnic tensions endangered Christians living in the Middle East. That major challenge at so tender an age was just a harbinger of challenges to come in the life of young Nabil Hirezi. After growing up in Kuwait, where he excelled in both soccer and music, Nabil traveled to the Punjab region of India to attend college. There, in pursuit of a degree in medical technology, he faced the challenge of having to translate English to Arabic and was confronted by a sarcastic professor who assumed he was a rich boy and not a serious student. “What does your father do?” asked the professor. When Nabil told him his father was an accountant, the professor replied, “Go home and help your daddy. I don’t think you can do this.” That challenge lit a fire in Nabil Hirezi that remains to this day. “I knew then that I could do anything I set my mind to,” he says, “and I have done that ever since then.” While in India earning his bachelors degree in medical technology, Hirezi entered the All India Singing Competition and won it. He returned to Kuwait and formed a band, Nabil and The Kings, performing with them for four years while he worked as a medical technologist and then a hematology department head. Although singing was in his heart and soul, he was determined to have a medical career as well, so he moved 30

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Feb/Mar 2011

to Manila in the Philippines in 1983 to study dental surgery. There, in addition to meeting his lovely wife, Flor, the musical dental student sang in several television appearances and held his first solo concert in 1986. A man who enjoys connecting with people on many levels, Hirezi was destined to combine his love of song with his dedication to dentistry. Now a successful dentist in Jacksonville, Florida for nearly two decades, Hirezi shares his family practice with his wife, Flor, also a dentist. Drs. Nabil and Flor Hirezi travel back and forth between their two office locations and share a staff of twelve employees. Indeed, they share much more than a marriage, a profession and a staff, as they are also the devoted parents of four sons, ages seventeen to twenty-two. “I don’t know how to make girls,” jokes Hirezi as he prepares to examine a cracked tooth in the mouth of long-time patient, Char Cain-Butts. Leaning over Char and shining a light in her mouth, he shakes his head ruefully and bursts into song. “Oh, It’s Crying Time Again,” he croons. “He’s always like this,” laughs Char. “He makes going to the dentist fun! Even when I’ve had a major dental problem, I wasn’t afraid because Dr. Hirezi has never hurt me. His smile and his voice are calming. I wouldn’t go anywhere else for dental work.” Dr. Hirezi has acquired a reputation in Jacksonville for going above and beyond in dentistry as well as philanthropy. While he sings to his patients and jokes with them, his medical expertise guarantees a good outcome every time. A couple of years ago, one of his regular patients came in for a routine dental cleaning and, upon examination, Dr. Hirezi noticed something unusual in all of his soft gum tissues. That same day, Dr. Hirezi sent him to his primary care physician, who ordered some tests which revealed that the patient was already in an advanced stage of leukemia. Within 48 hours, the patient was undergoing chemotherapy. Today, the man is still alive thanks to the quick action of his extraordinary dentist.

A competent, compassionate and sensitive man, Nabil Hirezi exhibits a slight aura of sadness behind his ordinarily jovial office demeanor. The sadness in his eyes is very real, as it has to do with the tragic death in 2005 of his beloved niece, Rawand Hirezi, in an automobile accident caused by a drunken driver. He has always used his music to support charitable causes, having recorded a CD every year since 1999, but since Rawand lost her life, he has focused his musical fund-raising to support the Rawand Hirezi Foundation. “My beautiful niece was just 23 years old when she died, and weeks away from graduating with a degree in criminal justice from George Mason University in Fairfax, Virginia,” he says. “Rawand had been a volunteer at the Culmore Teen Center in Falls Church, Virginia. It is a center that serves at-risk teens, and I have never seen a sadder group of kids than when they all were allowed, under supervision, to attend her funeral. They obviously loved her as she loved them. Her good work lives on in her foundation, as it now helps at-risk teens achieve security and success.” Rawand Hirezi was a singer like her uncle. She raised her beautiful voice in song with her church choir and now Dr. Nabil Hirezi sings to raise funds for her foundation. In addition to donating proceeds from his music CDs and Christmas fundraisers to the Rawand Hirezi Foundation www., Dr. Hirezi now contributes one percent of his income to the foundation. While he uses his voice to raise money for the foundation, he literally gives away that same golden voice to his patients. In fact, Dr. Hirezi has made a life-time habit of giving back to the people who have helped him succeed. “It wasn’t easy when Flor and I first came to Jacksonville in 1988 and began working toward passing Florida’s licensure requirements for foreign dental students. The tests were expensive and difficult and we had two children at the time. We each worked several jobs to make ends meet. Today, when any of our boys complain, Flor gets out her Publix uniform and waves it at them to remind them that their parents both worked as grocery clerks and baggers in order to get to where we are today.” Hirezi remembers, particularly, a time when the review test for clinical licensure cost a whopping $5,000 and there was no way he could afford it. Like a gift from God, he received a $5,000 check from his sister in the mail. He treasures his family and friends, staff included, and strives to give back. Each year, he takes his staff on an out of town vacation,

and last year, despite the downturn in the economy, he and Flor took them all to Puerto Rico. “It inspires loyalty,” he explains. “Most of my staff has been with me for over fifteen years and it is because they feel they are part of a family – and they are. His Office Manager, Lottie Descaller, notes that there is a relaxed, easy atmosphere at Hirezi Family Dentistry that is very unusual in a dentist’s office. “People who come to the dentist are usually hurting,” she said, “and Dr. Hirezi reminds us about that. He reminds us to always be kind and understanding.” “Always be nice to people,” advises Hirezi. “If you don’t have good relationships and good public relations, you will not succeed in business or in life. My goal is to sleep well at night knowing that I’ve worked as hard as I can and done the right things. There is no perfection, but I do the best that I can. I’ve always been a hard worker and I would advise anyone starting out as an entrepreneur to remember one thing: never quit.” In 2010, for the first time, Dr. Hirezi went to Nashville and recorded a Christmas CD. In his message on the CD cover, he wrote: “For some people, the production of this Christmas album might come as a surprise, but to those who sense my soul, my heart and my love for the healing power of music, they would conclude that with the help of family and friends, and in the power of faith, this album just might be the most natural one for me.” Natural, indeed. The singing dentist promotes the warm spirit of Christmas year-round. Despite the current downturn in the economy, he continues to sing for joy. He continues to contribute a percentage of his income to charity, to take his staff on annual vacations, and to sleep peacefully at night, knowing that he’s done the best he can do. Recently, at a fundraiser for the Rawand Hirezi Foundation, Nabil Hirezi was delighted to be joined in song by his older brother, the father of his late niece. “It was the first time since she died that he consented to sing with me,” he says. “We sang that great Frank Sinatra song, ‘I did it my way.’” It is a fitting song for the one-of-a-kind Dr. Nabil Hirezi to sing and a fitting way to pay tribute to a man who has quite successfully managed to combine family, profession, and a passion for song into a good and productive life. He’s done it his way.

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Feb/Mar 2011 31

Education Planning for Business Owners By Suzy M. Jackson

If you are a parent, you have probably given some

thought to how much educating your precious mini-me’s (children) will cost. And because you are a parent, you were committed to doing whatever it would take to make the higher education option available for their future. Now there’s another education that needs to be addressed -YOURS! Even if you already have a college degree or you have completed some type of specialized training program, it may be time to begin upgrading your education and skills.  Business owners have seen shrinking revenues and experienced industry-wide changes. Business opportunities that were once plentiful have become scarce. The new business environment has forced many owners to stretch and cover more facets of their business themselves, while looking for new avenues for growth.  Entrepreneurs, like many employees in transition, see the need to re-train, re-tool, or reengineer to prepare what is going to be the new norms of business--leaner organizations and clients demanding the highest levels of service and product.  Your first thought maybe “But I don’t have the time or resources to go to school”. The time & resource restraints are ever present for the business owner, but the good news is that today there are many options available to make it happen.  

Your Personal Education Plan

Because you don’t have the time or resources to waste, you should approach your education the same way you look at your business--through the lens of a plan. In fact your business plan is an excellent starting point for determining


Entrepreneur Anchor Magazine

Feb/Mar 2011

what areas you need to work on to meet the growth projections of your business. How well do your current skill sets match the type of business you are projecting five years out? As a business owner you have to sharpen the skills directly tied to your industry as well as the business skills needed for running your business. It’s great that you have an excellent accountant or CPA, but you also need to understand how the numbers work. You need to know what the reports are saying about your business. Now this does not mean that you embark on a five year accountancy program (unless you are a tax preparer wanting to expand your business). You may only need an Introduction to QuickBooks ™ class; but if you don’t plan for it, it will not happen.  Many professions have continuing education requirements. Plugging in the deadlines and scheduling the best times to meet your requirements could save you money. Waiting until the last minute adds stress you don’t need. Finding out that you just missed a class that’s only one hour away and instead are stuck with the class three states away is not only stressful, its expensive.  Putting an education plan in place allows you to coordinate with the other principals in your business and life. Is your spouse also thinking about returning to school? If your first born is starting college in two years, maybe now is the time to knock out those last three classes you need to complete your Masters.  If you’re a business owner who’s still working a day job, have you considered how your employer’s education benefits may be useful for your current position as well as your side gig? Put together an education plan that covers the next

three–five years, cost it out, and add an “education and professional training” line to your monthly expenses and cash flow projection.

Learning Options for Business Owners

Your education options are not limited to traditional college degrees. Many institutions of higher learning have adjusted their offerings to meet the needs of adult learners. A few short years ago your education choices were mostly instructor led and classroom based. Because of technology advances you can now get your education at anytime and from anywhere in the world.  Instructor led, classroom learning is still the most common venue; but most institutions offer day, evening, weekend and accelerated (content intense, short duration) classes for greater flexibility.  According to a U.S. Department of Education commissioned report, one-third of all post-secondary schools offer some distance learning programs. On-line (self-paced and instructor led) classes are offered across a wide range of disciplines and the National Center for Education Statistics expect that over eighteen million learners will utilize this form of instruction by the year 2013.  Industry associations are another source of education and training. These organizations may offer industry specific training, continuing education and certifications often at discounted prices for their members.  Don’t forget to access programs sponsored by local Chambers of Commerce, business associations and economic development agencies in various municipalities.  Take the time to review the options from these various sources. You may be surprised at how easily your education goals can be attained.  

Paying the Cost of Your Education

There are several ways to fund your education: • Write the check - Your education and training is as important as any other investment you will make in your business. Work with your Accountant/CPA to determine if your business needs to pick-up the tab as a business expense or if the cost should come from your income if tax benefits are applicable for 2011.  • Tuition Reimbursement - If you are still working for an employer and plan to continue for some time, it may make sense to access tuition reimbursement programs for training that enables you to do your current job better. Improved skills will benefit your success no matter where your career leads you.

• Financial Aid - Business owners sometimes measure their income based on the revenue of their company. Based on your actual income from the business, you may be within the federal or state guidelines for financial aid. Another person in the household attending college may help you qualify for aid. Women & veterans who have recently experienced life transitions may qualify for additional assistance programs. • Scholarship - Are you a member of a business or civic organization that supports educational advancement? You may qualify for scholarships or stipends with these organizations. And don’t forget about scholarship programs if you are going to apply to a college or university. Some of these programs are merit based and don’t have income restrictions. Apply for everything, you could get lucky.  • Start a 529 Plan for yourself - Most people think of 529 and pre-paid tuitions plans when planning for their children’s education. A 529 account is a tax-advantaged savings account used to fund future college costs. Adults can establish and fund a 529 account and make themselves the beneficiary. The account proceeds maintain their tax-advantages (no taxes on the growth inside the account) as long as the funds are used for a qualified higher education cost. An added benefit is that you can change the beneficiary to a designated family member if you no longer need the funds and maintain the tax-advantaged status of the account.  

Scheduling Education in an Overscheduled Life

The biggest obstacle for the entrepreneur is time. Is finding that time for your educational aspirations going to be easy? Of course not! But the interesting thing about business owners is their ability to make the impossible happen. If you’ve been in business for a while you know your business cycles. You know the slow periods. Use the downtime to move your education and training forward.  An additional benefit to planning for your education is to identify the times it should not make the short list of must-dos. Planning also helps you determine when it’s not the right time; there’s always next semester.  If you haven’t been a student for a while, commit to taking one class in the next six months that would help you build your business, build your income, or just build your confidence. Learning is a lifelong endeavor. Use education to keep your mind sharp and your business competitive.   Happy Learning!    

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Feb/Mar 2011 33

IRS Form 990

For Nonprofits and Tax Exempt Organizations Are you Meeting the Reporting Requirements?

By Ethelbert Nwanegbo, MBA



Department of the Treasury Internal Revenue Service

Form 990 is the information return that all not-for-


annual gross receipts, churches, and certain other religious




Feb/Mar 2011

Activities & Governance Revenue Expenses Net Assets or Fund Balances


No No

H(c) Group exemption number a Corporation



Other a

M State of legal domicile:

L Year of formation:


2 3 4 5 6 7a b

Check this box a if the organization discontinued its operations or disposed of more than 25% of its net assets. Number of voting members of the governing body (Part VI, line 1a) . . . . . . . . . Number of independent voting members of the governing body (Part VI, line 1b) . . . . Total number of individuals employed in calendar year 2010 (Part V, line 2a) . . . . . Total number of volunteers (estimate if necessary) . . . . . . . . . . . . . . Total unrelated business revenue from Part VIII, column (C), line 12 . . . . . . . . Net unrelated business taxable income from Form 990-T, line 34 . . . . . . . . . Contributions and grants (Part VIII, line 1h) . . . . . . . . . . . . Program service revenue (Part VIII, line 2g) . . . . . . . . . . . Investment income (Part VIII, column (A), lines 3, 4, and 7d) . . . . . . Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) . . . Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) Grants and similar amounts paid (Part IX, column (A), lines 1–3) . . . . . Benefits paid to or for members (Part IX, column (A), line 4) . . . . . . Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) Professional fundraising fees (Part IX, column (A), line 11e) . . . . . . Total fundraising expenses (Part IX, column (D), line 25) a Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f) . . . . . . Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) . Revenue less expenses. Subtract line 18 from line 12 . . . . . . . .

20 21 22

Total assets (Part X, line 16) . . . . . . . . . . Total liabilities (Part X, line 26) . . . . . . . . . . Net assets or fund balances. Subtract line 21 from line 20

. . .

. . .

. . .

. . .

. . .

3 4 5 6 7a 7b

Prior Year

Current Year

Beginning of Current Year

End of Year

. . .

Signature Block


Signature of officer Type or print name and title

Print/Type preparer’s name

Firm’s name


Firm's address


Preparer's signature

May the IRS discuss this return with the preparer shown above? (see instructions) . For Paperwork Reduction Act Notice, see the separate instructions.

Entrepreneur Anchor Magazine

4947(a)(1) or

Briefly describe the organization’s mission or most significant activities:

Paid Preparer Use Only

• Policies and procedures within the organization

) ` (insert no.)

8 9 10 11 12 13 14 15 16a b 17 18 19

Sign Here

501(c) (

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

The IRS and Form 990 helps the IRS to gather informa• A change in activities and governing documents


H(a) Is this a group return for affiliates?


Part II

tion on the following:


H(b) Are all affiliates included? Yes If “No,” attach a list. (see instructions)

G Gross receipts $

Form of organization:


income are required to file form 990-T.

E Telephone number

F Name and address of principal officer:

Tax-exempt status: Website: a

Part I

steps to ensure compliance with the reporting requirement.

tax is due. However, tax exempt organizations with taxable


City or town, state or country, and ZIP + 4

Application pending

not to comply, others just do not understand the process or

turn filed with the IRS; hence, it is not a tax return wherein

Number and street (or P.O. box if mail is not delivered to street address)

Amended return

reporting requirements. While some organizations choose

empt from income tax. It is an annual information only re-

D Employer identification number

Check if applicable: C Name of organization Doing Business As Address change


for-profit and tax exempt organizations neglect form 990’s

non-financial information about organizations that are ex-

, 20

Initial return

organizations) must file with the IRS annually. Most not-

Form 990 is used by the IRS to gather financial and


Open to Public Inspection

a The organization may have to use a copy of this return to satisfy state reporting requirements. For the 2010 calendar year, or tax year beginning , 2010, and ending

Name change

profit organizations (except those with under $25,000 in

OMB No. 1545-0047

Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)


Check if self-employed Firm's EIN



Phone no.






Cat. No. 11282Y









Form 990 (2010)

• Activities in furtherance of exempt purposes • Compensation of officers, financial

transactions among insiders, and governance

• Disclosure of financial and mission policies • Community benefits

Form 990 is a public report and a way of demonstrat-

ing accountability. Not-for-profits are not only required to

file this form with the IRS, they are also required to make it available to anyone who wants it.

The IRS took interest in the governance, conflicts of

• Organizations must file electronically if they have $10 million or more in total assets at the end of the tax year and filed at least 250 returns (includes W-2s) during the year.

Form 990 Schedules

interest, compensation, and community benefits of tax ex-

• Schedule A Public Support Test

of fraud within tax exempt organizations. The IRS released the first major changes to the reporting requirements of tax

• Schedule C Political Campaign & Lobbying Activities

tax year that begins in 2008. Most fiscal year organizations

• Schedule E Educational Institutions

empt organizations due to reported abuses and many counts

• Schedule B Schedule of Contributors

exempt organizations in December, 2007; effective for the

• Schedule D Supplemental Financial Statements

will first file in 2010 for Fiscal year 2009.

• Schedule F Statement of Activities Outside the US

Who is looking at your Form 990? • Nonprofits (staff and competitors) • Foundations

• Watchdog groups • Media

• Job seekers • Donors

Who Must File?

• Organizations with more than $1 million in gross receipts or total assets over $2.5 million must file this form for the 2008 tax year, with the first filing in 2009.

• Organizations with gross receipts less than $1 million and total assets under $2.5 million can file a Form 990-EZ for the year 2008.

• For the year 2009, only organizations with gross

• Schedule G Fundraising Activities • Schedule H Hospitals

• Schedule I Grants and Other Assistance • Schedule J Compensation Information • Schedule K Tax-Exempt Bonds

• Schedule L Transactions with Interested Persons • Schedule M Non-Cash Contributions

• Schedule N Liquidation, Termination, Dissolution or Significant Disposition of Assets • Schedule O Supplemental Information to Form 990 • Schedule R Related Organizations

Form 990 is the primary instrument for public account-

ability by non-profits. Organizations need Form 990 to pres-

ent their organization as fairly, accurately, and completely to prospective donors. The penalties for noncompliance could be substantial.

receipts less than $500,000 and total assets under $1.25 million may file the 990-EZ.

• For 2010, an organization’s gross receipts must be under $200,000 AND total assets under $500,000 to file the 990-EZ.

Entrepreneur Anchor Magazine

Feb/Mar 2011 35

Is your business growing from being â&#x20AC;&#x153;likedâ&#x20AC;? on Facebook?

face By Jodi Dixon



here was a day when the only way

in your marketing and

you could promote your business was

through traditional forms of media such as

radio, print, television and billboards. That of

course would lead to a huge financial investment


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Feb/Mar 2011

advertising campaign. To-

day, any business from home based

or traditional brick and mortar, can use organic

marketing to move product and as a branding tool. Social

media now, is sometimes free and available to the eyes of

users. If you are using the pay-per- click fee based market-

what we called “word of mouth”; now, Facebook, Twitter,

friends who share with friends, then make offers or an-

the consumer. The social media of the past only consisted of

MySpace and of course mass texting to everyone in your mobile phone base just to name a few is widely used. If it is not free, there may be a nominal fee on a pay-per-click basis; but the true test is when there is a page on Facebook or a “tweet” on twitter that allows you to speak to your friends

and friends of friends and so on and watch your “friend” base grow by the minute and equate into dollar$ and cents.

Let’s look at the top three opportunities for your busi-

ness with each “like” that you receive or twitter follower:

1. Improve the number of consumers that view your

business that would NOT have otherwise known your product and for a free or a nominal pay-per-click fee, you can

see overnight the increase in your business. Depending on how many friends you acquire and who they share it with or “like” it will determine your growth and sales.

2. Building consumer credibility so consumers and

“friends” can see reviews and status remarks as part of your page.

ing or if you are lucky enough to have friends share with

nounce sales on your Facebook page and watch your business grow daily. If your business is not growing with each

“friend” that you acquire, rethink your offers that are announced because each day if there is anticipation of what sales and offers you have, you will receive constant traffic and the goal is to build consistency and revenue.

Are there downfalls to using social media as your main

source of marketing? Yes, the first being that you are subject to hackers on your page and are subject to your competition

seeing your “friends” and going after them. There is also the issue of target marketing, it is very difficult to reach a

targeted market such as a 25-54 female demographic when

Facebook is comprised of everyone from let’s say 10-90. If your customer is an 18 year old male, then you are paying to

reach only a percentage of your customers. If you are pay-

ing per click and are using the page for free you are simply branding your product to all. However, branding a product

today that will be a potential product need in ten years can never really be a bad thing.

The next time you “friend” someone’s company or

3. Developing great relationships with consumers

business page, think about the far reaching potential it could

several locations, or a website that anyone can order your

brick and mortar store and being asked “how can I help you

around the world and at your back door. If you have one or

product through, it helps to build the relationships across the board and make accessible what users think about your

product. Keep in mind the reviews could be good or bad re-

views, so always address personally those issues that could

be discrediting and acknowledge those “friends” from time to time that give you great reviews.

have to grow the business and like opening the door to a today”, that same principal applies to the responsibility of

the Facebook page owner to make the experience of getting

to know their product more pleasant and informative and with an ease of comfort that leads to an interest to purchase or support your business.

Your message, and mission statement and product are

available to all 500 million ever-growing base of Facebook

Entrepreneur Anchor Magazine

Feb/Mar 2011 37

Effective Referrals A

by Felicia Wright

s an entrepreneur, one of your best marketing strategies is creating a word of mouth referral system, and understanding how you utilize these referrals is critical. Your referrals not only have the potential to bring you business, but also act as a reflection of your company when they are talking to prospects. Developing strong relationships is the key when creating a referral base. Before you begin the process, ask yourself the following questions: Does my referral know enough about me to market what I do? Is my referral someone that I would do business with? Is my referral connected to individuals or an organization that is beneficial to the growth of my company? Remember, your referrals should be familiar with what you do and comfortable conveying that message in your absence. This should be a beneficial relationship for all parties involved. Below is a list of individuals and organizations you can begin reaching out to in effort to create an effective referral base. Join a professional organization Joining a professional organization in your industry is a great way to meet people and establish relationships. These relationships can provide you with valuable resources and prospects for referrals. I recommend not joining more than three organizations per year. You don’t need to join every organization; just focus on the ones that are a good fit for you and your company. By concentrating your efforts to a select few, you won’t feel overwhelmed and you have more time to spend strengthening relationships with the members of the organization you become a member of. Don’t just become a member, sit on the board or volunteer at events. Become actively involved and engaged in the organization. Clients If you have done a good job for a client, they would be happy to refer you to someone. Ask them for a referral right after you have completed a project and follow-up with them on a consistent basis. Happy clients usually become repeat clients. Develop a referral system as an incentive to continue doing business. If a client refers someone to you, 38

Entrepreneur Anchor Magazine

Feb/Mar 2011

you could provide that person with a discount or you could provide the referral with a discount on their next purchase. This strategy increases your opportunities for more business on a long-term basis. Collaborate Collaborating with companies that offer complimentary services or products to your business, increases opportunities to reach outside your market. In essence you are forming strategic alliances with these companies. Develop a simple contract or guideline sheet that you both can agree on. This will ensure that the companies you decide to collaborate with have similar goals and expectations. Volunteer Volunteering is a great way to meet people and develop your skill set in a non-competitive environment. Similar to joining professional organizations, I recommend volunteering with no more than three organizations per year. Volunteering gives you the opportunity to build relationships and also creates a referral base for future projects. Friends and Family Friends and family are great sources for referrals. Remember it is important to maintain a well-defined line between business and personal. Make sure to re-emphasize the referrals you are seeking must be serious minded businesses or individuals. Don’t offer “freebies” or “hook-ups!” This doesn’t mean you can’t offer extra incentives on your products or services, but it does mean you are a professional running a for profit company. How many of us (myself included) have had a situation where someone has referred an individual to us and what they needed we did not provide? Embarrassing, right? But as the entrepreneur, it is our responsibility to ensure our referrals know exactly what we do and who are target audience is. The only way to effectively utilize your referrals is by building strong relationships. Creating a win-win situation for everyone.

Maintaining an Even Keel through Changing Seasons By J. Dianne Tribble


hile all business owners would prefer to stay within a thriving season of growth and harvest; the fact is, business seasons change. This is an indisputable truth. Maintaining a positive attitude as you navigate through the changes could prove to be the difference between the success and the failure of the business. Maintaining an even keel is all about remaining constant, steady, and calm, at peace, balanced, and not easily disturbed. With this in mind, I recall once looking out the window during a hard thunderstorm as the rain poured from the sky. The daffodils went from standing straight up to bowing to the ground during the storm. Once the rains ceased, I recall looking out the window again and observing the daffodils, which were at one point bent to the ground from the effects of the storm, now standing erect once again. What I actually observed was resilience in action; the willful ability to rise again in spite of obstacles. The daffodils were bent by circumstances; however, they were not broken or destroyed.

In business, similar to the observation of the daffodils, there will be seasons when the organization will be lucrative. This is provided you as the owner work diligently towards the businessâ&#x20AC;&#x2122; success. The business will generate revenue; you will increase your customer or client base; productivity will heighten; and your business planner will be filled with engagements and appointments. This could be compared to the daffodil standing erect. There will also be those unwelcomed seasons of stagnation. Productivity slows down. Business may decrease with

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Feb/Mar 2011 39

a fall in sales and customers or clients. Doors of opportunity which were once open may close. You may find yourself wondering, “What’s going on?” In spite of these factors, it is of the utmost importance to maintain an even keel. “Getting ready is the secret of success.” Henry Ford Let’s review the seasons. Remember when the business idea was just that, a business idea? You took that idea and took a step of faith to establish the business. You settled on a name. You settled on a product or service. You secured the location. You identified the need and your target audience. You obtained your license or certification, if it was required. You paid your taxes and got your tax ID. You opened the bank account. You had the website built and maybe even started a Facebook page. You had the business insured. The “OPEN” sign was turned on and the business officially got off the ground. All these pertinent details led you into the Spring season of your business. This was a time of significant growth as you worked toward the business establishment. The profits were probably not pouring in at that time, but you were laying the foundation of great things to come. The Spring season was very demanding. While the business could have folded, you stuck it out until the tide changed. Your product or service was proven and the best possible business promotion began to take place at no cost to you. This being “word of mouth” endorsement. The Spring season demanded your time and money. Your Spring poured into the Summer season. With excitement, you watched as you begin to build revenue. Your balance sheet went from red to black! Did you increase your staff at this point or broaden your products and services? You probably made some changes in order to maintain your competitive edge. The success of your Summer season positioned you for the harvest you desired to bring in. The Fall season arrived and brought maturity. Your business was stable and solid. The business at this point could be described as lucrative. This season offered opportunities to sponsor events and any number of great causes. The Fall season will eventually lead to the Winter sea-


Entrepreneur Anchor Magazine

Feb/Mar 2011

son. At this point, the business will decline or fail. This is the point where the economic growth of the business becomes stagnate. This is also the point whereby the business owner must maintain an even keel in spite of the circumstances in order to revive the business, provided this is his or her desire. The Winter season is not necessarily a bad season. This season has many positive aspects. In the Winter, the owner is often reminded of the life cycle of the business. A trip down memory lane often brings a smile and reminds us of accomplishments we reached when all odds were against us. The Winter affords the business owner the opportunity to reflect and refocus. It provides a season of housekeeping. This is an opportunity to do some cleaning. Review the books, get organized, evaluate the functionality of the business, and consider hiring a business consultant if, deemed necessary. This is a season of reflection when the business owner often does a self-evaluation. The self-evaluation will expose strengths and weaknesses. Key areas in need of time and attention are often revealed. With this new insight, the opportunity to implement change is at hand. It is of the utmost importance for the business owner to maintain a winning attitude during the Winter season. A winning attitude is simply a positive, productive attitude. It is a confident attitude which expects good and a change in the present circumstances. This confident attitude is what maintaining an even keel through changing seasons is all about. The Winter season will change and Spring, Summer, and the Fall will return if you’re determined to stay the course. Resilience! Use your business experience through the different seasons to your benefit. Instead of viewing the glass as half empty, see it with a positive attitude as the glass half full. Seasons will come and go. Learn from each season. Maintain your even keel as you navigate through the changes. Exercise resilience; the willful ability to rise again in spite of obstacles. Be assured, the season will change. Be ready for change and maintain a positive attitude. Always be ready to invest in you!

The Benefits of Regular Exercise to

Relieve Work Related Stress By Darrell “D-Lock” Locket, MAT

On-the-job stress can be contributed to shifts in corpo-

rate structure, company growth, large projects and the daily competitiveness within a company. Physical threats such as carpal tunnel syndrome, fatigue, the common cold and other illnesses can be easily contracted in your work environment. Research has shown that regular exercise such as cardiovascular conditioning and weight training performed at least 3 times per week, an hour before or after work, will decrease work related stress levels, absenteeism, and back problems while decreasing health care costs. Regular exercise improves overall health while decreasing work related stress in the following ways: 3 Helps control body weight 3 Helps build and maintain healthy bones, muscles, and joints 3 Helps reduce blood pressure in people who already have high blood pressure

3 Helps older people become stronger and better able to move about without falling 3 Reduces the risk of developing diabetes/helps control blood glucose 3 Reduces the risk of dying prematurely 3 Reduces the risk of developing colon cancer 3 Promotes psychological well-being 3 Enhanced productivity and greater appreciation 3 Improved health care costs 3 Decreased illness, injuries and absenteeism 3 Increased stamina and decreased stress levels 3 Increased well-being, self-image, and self-esteem 3 Increased employee retention and improved employee morale 3 Increase in problem-solving aptitude and heightened morale 3 Reduces headaches, back strain and fatigue 3 Decline in turnover rates It’s clear to see why the leading Fortune 500 companies offer gym memberships as part of their employee benefit program. Regular exercise has been shown time and again to alleviate work-related stress and build immunity against many illnesses, and companies that offer gym membership benefits to their employees, not only have happier employees but healthier employees who feel appreciated, and in turn excel in their jobs.

Entrepreneur Anchor Magazine

Feb/Mar 2011 41

Growing A Business the Right Way By Candace Moody


ccording to a 2007 survey of women business owners commissioned by the Jacksonville (FL) Women’s Business Center, women business owners in Northeast Florida exceed the national average for businesses with revenues of $1 million or more. In fact, the data show that 13 percent of Jacksonville’s women business owners have revenues of $1 million, compared to 3 percent of women in business nationally. Sandy Bartow of the Jacksonville Women’s Business Center, was as surprised as anyone. “We always knew we had something special here, but no one would have predicted we’d see results like this.” She smiles and says, “We asked the researchers to double check the numbers.” Jacksonville is not the Florida most people expect, but this city situated on the St. Johns River in the Northeast corner of the state has spent the past couple of decades exceeding expectations. The so called “second-tier city” has managed to obtain an NFL franchise (the Jacksonville Jaguars) and hosted Super Bowl XXXIX in 2005. The population of the seven-county region surrounding Jacksonville is about 1.2 million, and the average age of its citizens, 37.2 years, is significantly younger than the Florida average. The climate is coastal rather than tropical, with several freezes a year during the winter months, and the region hosts many fewer tourists, retirees and “snowbirds,” or seasonal residents, than you see in South Florida. The population is growing at a steady and manageable pace, with 50 percent of the 42

Entrepreneur Anchor Magazine

Feb/Mar 2011

new residents relocating to take advantage of employment opportunities. Jacksonville launched its Women’s Business Center in 2004 as an initiative of the Jacksonville Regional Chamber of Commerce. Since its inception, the Jacksonville Women’s Business Center has served more than 4,200 women entrepreneurs at every stage of business development, from women ready to get started on their great idea to women with multi-million dollar operations. Jacksonville Women’s Business Center client Bonnie Arnold started her floral design business in 2004, after planning and preparing for about two years. Her story is a case study in how to start a small business the right way. “Most business owners start with talent and a dream,” Arnold says. “They open the shop and think to themselves – ‘Now, how do I find customers?’ I did it the opposite way. I had a large, solid customer base and then started a business founded on relationship marketing.” Arnold participated in the JWBC Business Advisory Councils, peer-to-peer mentoring roundtables which are designed to share ideas, create a support system and increase confidence. She appreciated having peers to bounce ideas off and discuss business challenges that friends and family may not have experienced. Arnold believes in work-

ing constantly to improve her skills and knowledge, but the consensus at the Business Advisory Council is that she had plenty of wisdom of her own to share. Arnold’s first career was in fundraising, where she built an extensive network of corporate contacts. After September 11, 2001, she realized that the non-profit world had changed, and started seriously considering her interest in floral design. She spent two years in research, creating a business plan, a marketing plan, and a strategic plan. She took courses in floral design at Florida Community College, where instructors encouraged her and praised her talent. She spent a year working for a local florist, learning what running the business was really like. “I could easily imagine how much fun the business could be,” she says. “I wanted to learn the worst of it as well” Arnold also met with wholesalers, vendors and other florists throughout the Southeast, gaining more and more insight into the right way to run a floral business. Arnold’s strong networking skills paid off quickly. Within a couple of weeks of her August 2004 incorporation, she had booked a major event. The same steep curve applied to her financial projections. Advised by a network of experienced business acquaintances, she was told to expect about $35,000 in revenue in her first year of business. Instead, her sales reached six figures - which she credits to her relationship marketing and website. Her extensive network from corporate fundraising turned into a solid customer base. She gets regular work from Chamber of Commerce functions, local art galleries and corporate events. Arnold’s unique talent, combined with her lengthy preparation and research, has given her a strong start on the successful business she envisioned. In 2010, Bonnie enrolled in Marketing Matters, a mentoring program that connects business owners with mentors for six months. Based on her evaluation of her business, she closed her storefront and decided to work out of a studio. “Now, instead of dropping by my store to pick up orders, clients get them delivered to their office or home. My overhead costs have been lowered dramatically, and I get a bump in marketing by walking my

floral creations through my clients’ offices. It’s one of the best decisions I could have made for my business.”

In 2007, women owned 7.8 million businesses and accounted for 28.7 percent of all businesses nationwide, according to the U.S. Census Bureau’s Survey of Business Owners. These firms generated $1.2 trillion in receipts, about 3.9 percent of all business receipts nationwide. Other Highlights:

4 Of the 7.8 million women-owned businesses

in 2007, 88.3 percent (6.9 million businesses) had no paid employees. These women-owned non-employer businesses generated $182.3 billion in receipts (15.3 percent of all women-owned business receipts).

4 In 2007, 11.7 percent of women-owned businesses (910,761 businesses) had paid employees. These women-owned employer businesses generated $1.0 trillion in receipts (84.7 percent of all women-owned business receipts) and paid their 7.6 million employees $217.6 billion.


were 141,893 women-owned businesses earning more than $1.0 million in 2007, 1.8 percent of all women-owned businesses. These businesses generated $828.9 billion in receipts (69.7 percent of all women-owned business receipts).

4 There were 7,644 women-owned businesses

employing 100 or more people, 0.8 percent of all women-owned employer businesses. These businesses generated $357.9 billion in receipts (35.5 percent of all women-owned employer business receipts).

Entrepreneur Anchor Magazine

Feb/Mar 2011 43

Experience greatness By Coach Jay

Greatness starts by releasing yourself from the intellectual mind by giving yourself no fixed identity. Also, constantly choosing not to have a concept and vision in your mind of what Greatness means to you because true Greatness is an experience not something you seek to contain for yourself one day. One of our greatest selfdefeating actions is chasing what we think is Greatness. “The very thing you are looking for is waiting for you.” This has to be a universal secret because people all over the world seem too miss this. What is the secret? You have a neverending power source within your presence. To experience this is by remem-


Entrepreneur Anchor Magazine

Feb/Mar 2011

bering you come from this, you are made out of this and you are this, NOW simply just be aware of your essence. Happiness and abundance awaits you and it’s just a step away. A magnetic piece of iron will lift approximately twelve times its own weight. However, if you demagnetize this same piece of iron, it will not lift a thing. Those

who are magnetized are full of confidence and self-awareness, they know they are whole. The sad thing is that so many others are demagnetized, they are full of fears, doubts and illusions and when an opportunity comes, they say what if I fail? I might lose my money or people might laugh at me. Demagnetized people will not get the opportunity to truly experience the joy of life. Greatness is the continuous realization that you are not the outcome or result you desire consciously or unconsciously. You continue to grow and develop in all aspects simply by finding that you were already there. On a spiritual level, freedom is the continuous unfolding of your purpose- that is expressed in form and destiny. Greatness is total conscious, continuously no effort of attaining these items. Well, there not really your goals it’s merely why you showed up in the first place and realized you are not who you are. This entertainment guides you to experiencing your purpose in life. On a physical level, greatness is often seen as specific material accomplishments – a particular type of car, home, status, or income level. However, once the material possessions are obtained, there is no further growth in understanding, wisdom, or consciousness. Those who operate on this material level of Greatness generally become consumed with maintaining those possessions, which represent their Greatness. Greatness is generally defined as a positive or acceptable outcome of results. Whatever you get out of life, you get results even when you do nothing. Whether or not those results are the ones you consciously desired, they are the ones you unconsciously chose.   BE OPEN TO EVERYTHING AND ATTACHED TO NOTHING  You must be willing to give up everything you think you know, and remember what got you where you are today is the mess you have right now, so take out the trash.  

GREATNESS AT WORK If you want to be really good at something, it’s going to involve relentlessly pushing past your comfort zone, along with frustration, struggle, setbacks and failures. That’s true as long as you want to continue to improve, or even maintain a high level of excellence. The reward is that being really good at something you’ve earned through your own hard work can be immensely satisfying. Six keys to experiencing Greatness I’ve found are most effective for my clients: 1. Pursue what you love. Passion is an incredible moti vator. It fuels focus, resilience, and perseverance. 2. Do the hard part first. 3. Practice intensely. 4. Seek expert feedback, but remember too much feedback continuously, can create cognitive overload, increase anxiety and interfere with learning. 5. Relaxing after intense effort not only provides an opportunity to rejuvenate, but also to metabolize and embed learning. It’s also during rest that the right hemisphere becomes more dominant, which can lead to creative breakthroughs. 6. Ritualize practice. The best way to insure you’ll take on difficult tasks is to ritualize them — build specific, inviolable times at which you do these tasks, otherwise you will squander energy thinking about them. Remind yourself always what’s great in your life no matter how small, stay focused.

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Feb/Mar 2011 45


calendar of events

February 8 Where’s the Money and How Do I Get It? 6:00 pm – 10:00 pm UNF University Center (SBDC) Contact: (904) 620-2476 Cost: $ 40.00/advance


March 1 Business Plan Basics UNF University Center (SBDC) 6:00 pm – 8:00 pm Contact: (904) 620-2476 Cost: $ 40.00/advance

February 14 Small Business Center Orientation 5:30 pm – 6:30 pm Jacksonville Regional Chamber of Commerce Contact: Cost: Free

March 10 Marketing 101 UNF University Center (SBDC) 6:00 pm – 9:00 pm Contact: (904) 620-2476 Cost: $ 40.00/advance

February 14 Entrepreneurial Assessment with SCORE 6:30 pm – 7:30 pm Jacksonville Regional Chamber of Commerce Contact: Cost: No cost but RSVP is requested (904) 366-6618

March 22 How to S-T-A-R-T-U-P Your Own Business UNF University Center (SBDC) 6:00 pm – 9:00 pm Contact: (904) 620-2476 Cost: $ 40.00/advance

February 15 Nonprofit Startup 101 11:30 am to 1:00 pm UNF University Center (SBDC) Contact: (904) 620-2476 Cost: $25.00

March 29 SBC Business Huddle 1:00 pm – 2:00 pm Jacksonville Regional Chamber of Commerce Contact: Cost: No cost but RSVP is requested (904) 366-6618

February 16 Marketing to Government 9:00 am – 11:30 am UNF University Center (SBDC) Contact: (904) 620-2476 Cost: $ 40.00

March 29 Jacksonville Women’s Business Center JUMPSTART 1:00 pm – 2:00 pm Contact: Cost: Free – Reservation is required. (904) 366-6640

February 17 LaunchPad – Exploring Entrepreneurial Options 1:00 pm – 2:30 pm Prudential Financial Contact: Cost: Free – Reservation is required. (904) 366-6640

2011 Upcoming Events:

February 22 Professional Women’s Council Meeting 7:30 am – 9:30 am Patrick & Robinson, CPA Contact: Cost: Free - RSVP at

April 28 – 1st Entrepreneurs Empowerment Summit

August 30 – 2nd Entrepreneurs Empowerment Summit September 28, 29, 30 - Masters of Industry Awards

December 15 – 3rd Entrepreneurs Empowerment Summit For location & information, call Toll Free (866) 566-8618 or Local (904) 265-0765

If you would like to have an event listed in Entrepreneurs Anchor Magazine email information to 20 days prior to the next issue.


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Feb/Mar 2011

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Feb/Mar 2011 47

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